From YMB yesterday. I notified Joe and he forwarde
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Posted On: 05/06/2020 7:08:01 AM
From YMB yesterday. I notified Joe and he forwarded to the attorney handling the SEC stuff with Veneto/CMF to see if anything can be done. joe cc'ed me as well. Joe believes this is Rose Perri former CFO of GNBT who was terminated years ago.
NeilNap13 hours ago
The "company" has been used as a front for securities fraud. Pump and Dump, is the term. Started in 2017 after the new management took over. Giving "loyal shareholders" value through free "dividends" despite the company not earning a cent. The "dividends" were to pump the price, which it effectively did, and once it got to where they needed it, they recruited their "bad actor" friends at Creek Mountain to start selling at the high for last year, around $3 or so. Then they say they will take legal action against them, which of course never happened. In general, the scheme worked pretty well last year, but now that there is no more incentive to get your free "dividends", there is no reason to buy a worthless company that is only built on press releases. The covid situation is a very convenient opportunity to distract from all the stuff the company was supposed to be working on, which is exactly what they want.
Sorry if this is harsh for new investors, but the writing is definitely right on the wall (or should I say the stock charts). Management was laughing all the way to the bank once they started selling millions of shares at the $3 price level...eventually leaving the $.40 cents price for the bag holders. Securities fraud, plain and simple. Sorry.
L
NeilNap13 hours ago
The "company" has been used as a front for securities fraud. Pump and Dump, is the term. Started in 2017 after the new management took over. Giving "loyal shareholders" value through free "dividends" despite the company not earning a cent. The "dividends" were to pump the price, which it effectively did, and once it got to where they needed it, they recruited their "bad actor" friends at Creek Mountain to start selling at the high for last year, around $3 or so. Then they say they will take legal action against them, which of course never happened. In general, the scheme worked pretty well last year, but now that there is no more incentive to get your free "dividends", there is no reason to buy a worthless company that is only built on press releases. The covid situation is a very convenient opportunity to distract from all the stuff the company was supposed to be working on, which is exactly what they want.
Sorry if this is harsh for new investors, but the writing is definitely right on the wall (or should I say the stock charts). Management was laughing all the way to the bank once they started selling millions of shares at the $3 price level...eventually leaving the $.40 cents price for the bag holders. Securities fraud, plain and simple. Sorry.
L
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